OJK Leadership Selection Accelerated to Enable Swift Response to Middle East-Driven Financial Market Volatility
Finance Minister Purbaya Yudhi Sadewa has revealed that the selection process for candidates to lead the Financial Services Authority (OJK) is being accelerated to enable the authority to respond swiftly to financial market volatility stemming from Middle East conflict.
Purbaya emphasised that the OJK leadership selection process will adhere to established mechanisms despite the acceleration. Following the selection phase, candidate names submitted to the President have now moved to Parliament for further proceedings.
“The process is being accelerated because of the turbulent situation. War volatility affects the market, affects oil prices. We need a definitive person at OJK more quickly,” Purbaya said in Jakarta on Wednesday, 11 March 2026.
He further stressed that the appointment of OJK leadership is not straightforward as it involves various stages and approval from multiple state institutions.
The fitness and propriety test is scheduled to take place today. Chair of Parliament’s Commission XI Mukhamad Misbakhun outlined the criteria for candidates to the OJK Commissioner Board who will be selected through the fitness and propriety test.
According to Misbakhun, selected candidates must be able to balance a pro-market stance with prudent regulatory oversight, given that the position is responsible for both monitoring the market and managing risks.
“What we are selecting is a regulator. Certainly there are limits to how much market volatility we can absorb. If we are too pro-market, who will manage the risk? Regulators must also pay attention to risk factors,” said Misbakhun at the Road to Investor Relations Forum 2026 at the Indonesia Stock Exchange building.
He assessed that the needed figure is a candidate who understands the boundary between promoting market dynamics and safeguarding national interests and financial system stability.
“That is what we are looking for – someone who is pro-market but also knows the limit to which the market can be followed, at what level national interests take precedence. That is most important. We are looking for someone who understands the regulator concept at commissioner level. That is what we are looking for,” he said.
Ten candidates for OJK Commissioner Board membership will participate in the fitness and propriety test conducted by Parliament’s Commission XI on Wednesday (11 March). They are Friderica Widyasari Dewi, Agus Sugiarto, Hernawan Bekti Sasongko, Ary Zulfikar, Hasan Fawzi, Darmansyah, Dicky Kartikoyono, Danu Febrianto, Adi Budiarso, and Anton Daryono.